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Commodity Futures Trading Commission (CFTC) chair J. Christopher Giancarlo was asked about the future of cryptocurrencies like bitcoin. He claimed these are here to stay.
Donald Trump appointee J. Christopher Giancarlo assured the audience in an interview, which also offered a forecast as to when cryptocurrencies like bitcoin will be embraced around the globe. “I personally think that cryptocurrencies are here to stay," Mr. Giancarlo said.
“I think there is a future for them,” he added.
His statement about the future of cryptocurrencies is a bit questionable because he is skeptical that the currency will ever achieve its ultimate goal of becoming the world’s leading currency.
During the same interview, he explained that each of the 140 countries world has their own currency.
“Probably two-thirds are not worth the polymer or the paper they’re written on, and those parts of the world rely on hard currencies," he said.
After that, he said Bitcoin or another cryptocurrency might be a solution to the problem.
When he was asked about the timeline about when cryptocurrencies will be embraced, he answered maybe 10 years.
Blast from the past, Mr. Giancarlo was nicknamed “CryptoDad” following his congressional testimony where he advised legislators to automatically dismiss cryptocurrency. He finds it only appeals more to younger investors.
Bitcoin is 10 years old, but the financial, technological, and economic phenomenon it has become could be almost over already. According to a new report, the world's banks and financial services companies could adapt to the new world of bitcoin, blockchain, and cryptocurrencies, thus making them near obsolete.
There was a global financial crisis in 2008, which is the catalyst for bitcoin and blockchain, is the reason why the world is facing the consequences today, Forbes reported. The source added that the election victory of now U.S. president Donald Trump, Brexit, the struggling emerging markets, the looming U.S. trade war with China, and a financial system are among the symptoms of the 2008 financial crisis. Bitcoins have also contributed to the current problems of the financial crisis.
